Are you a sole trader or have you just started your own small business? It might be time to start considering a dedicated business bank account. It’s so exciting starting a business but you want to make sure you do things right from the start. And opening a business bank account is easier than ever with Tide. You can apply for a business bank account online with Tide in just a few minutes. Plus Tide are currently offering all new customers £75 cashback when they open a business account and spend £100 via it for the first time. Read on for everything you need to know about Tide and how to claim your £75 cashback.
£75 Cashback when you open a new Tide account
Tide are currently offering all new customers £75 cashback when they spend their first £100 via their Tide business account within 30 days of opening the account.
To qualify for this offer you will need to sign up for a free Tide business account by clicking here.
When registering your new account you will need to enter promo code ‘REFORM£75’ to apply the £75 cashback offer.
You will then need to spend £100 minimum on your new Tide card within the first 30 days of opening the account.
Your £75 cashback will then be added to your Tide account within 8 weeks, although it is usually added much sooner than that.
Tide Business Bank Account Review – How to sign up
To get started with your Tide business bank account, click here.
Then choose between registering as a Registered Company or a Sole Trader.
Fill in some details and then you will be directed to download the Tide app where you can complete your application.
Download the app.
Once you open the app, select ‘open free account'.
Make sure that the code has added (it should automatically do this, but if not, enter REFORM£75).
Then verify your ID.
Take a selfie.
Choose your plan – you can choose the free standard plan.
Then wait for your account to be approved. You may be asked additional questions about your business, which is when you can send further information such as your eBay account, Etsy store, blog URL or more.
Then fund your account with £100 and spend £100 within 30 days of opening the account to receive £75 cashback into your account within 8 weeks.
Reasons to Open a Business Account
If you’ve just started your business you might have already started looking into why it’s important to have a separate business bank account. Here are a few of the reasons that you should definitely consider opening one:
- Separation of personal and business finances: A dedicated business bank account helps keep your personal and business finances separate. This separation simplifies bookkeeping and accounting, making it easier to track business expenses and income.
- Professionalism: Having a business bank account adds a level of professionalism to your company. It shows customers that you are a legitimate and trustworthy business.
- Cash flow management: With a business bank account, you can monitor cash flow, pay bills, and manage your money more effectively. This helps avoid any late payments.
- Simplified tax preparation: A dedicated business bank account makes the process of preparing tax returns so much easier come year-end.
Having a business bank account is an essential step towards managing your business's finances professionally and efficiently.
The Benefits of a Tide Business account
Tide have many benefits for people looking to open a new business account. Here are some of the features that they offer:
- Open a business account in just a few minutes online (It can even be done via a mobile device)
- Free sign up
- Seamlessly register your company at the same time as opening your bank account (if you choose)
- No hard credit check
- No annual or monthly fees
- Access to all Tide Platform product features to manage your business admin
- Business account management via web and mobile
- £75 cashback when opening a new account and spending £100
Tide Fee Structure
Whilst it’s free to open a Tide account there are some fees in place on transfers like most business accounts have. Here is a breakdown of the costs of receiving and sending money:
- Card payments = Free
- Transfers to Tide accounts = Free
- Transfers to other accounts = 20p
- ATM cash withdrawals = £1
- Cash deposits = £1 at The Post Office / 3% at PayPoint
Alternatively you can choose one of the paid Tide bank accounts.
Tide Business Bank Account Review – Who is Tide for?
Tide would be a suitable business bank account for your side hustle or business as Sole Traders, Freelancers and Small to Medium sized business owners.
The types of businesses or side hustles that might want a business bank account include:
- Resellers
- Selling digital products on Etsy
- Selling online courses and ebooks
- Selling crafts
- Mystery shoppers
- Market researchers
And so many more!
The ease of being able to quickly set up a new account online allows you to hit the ground running with your new business without having to make an appointment to go into a branch to open an account.
If you are ready to open a new business account with Tide don’t forget to sign up here and enter promotional code ‘REFORM£75’ to get £75 cashback on your first £100 spend via your new account.
